The market is rolling under pressure since banks continue to struggle with asset worries in September quarter. The Sensex is down 227.53 points or 0.8% at 27,863.89 and the Nifty is down 55 points or 0.6% at 8,636.30. About 1,277 shares have advanced, 1,015 shares declined, and 178 shares are unchanged.
Bankex is down over 1% dragged by Axis Bank with 8% down, and ICICI Bank 3% down. Other losers in the Sensex are Tata Motors, Asian Paints and Adani Ports, while gainers are Bharti, Hero, Bajaj Auto, Maruti and M&M in the Sensex.
Gold prices extended gains after hitting nearly 3-week highs in the previous session, maintained by rising physical demand prior to India’s festive season, Dhanteras and Diwali.
The Stock Market opened today in red with focus in Tata Group stocks. The Sensex downs 24.28 points at 28,154.80 and the Nifty down in 2.35 points at 8,706.60. About 615 shares advanced, while 309 shares declined, and 59 shares are untouched.
Tata Steel is down over 3% while Tata Motors and TCS are slipping over 1%. Reacting to disappointing Q2 results, Idea is down 3%. ICICI Bank, Adani Ports, Cipla, GAIL & Maruti are top gainers in the Sensex.
The USD hovered near a roughly 9-month high against a basket of major currencies and touched a one-week high against the yen under growing expectations of a Federal Reserve interest rate increase in December. Asian shares edged higher among global markets, while the dollar kept firm as upbeat US earnings boosted Wall Street & factory surveys in the US and Europe boasted their best readings so far this year.
Live Market- 11:50 Am, The 30-share BSE Sensex is trading up 40.50 points or 0.14% at 28117.68, it was Intraday touch a high of 28,192.20 and touch a low of 28,075.95. The 50-share NSE Nifty index trading gain 4.65 points or 0.05% at 8697.70, it was touch a high of 8,723.05 and touch a low of 8,684.15.
The Equity benchmark indices are volatile were IT stocks under pressure while auto and banks stocks are gaining. About 1516 shares have advanced, 844 shares declined and 169 shares are unchanged.
Nifty Top Gainers- Adani ports 2.73%, ICICI Bank 2.63%, Bank of baroda 2.34%, SBIN 2.11%, BPCL 1.75%, Tata Motors 1.42%, TataMtrdvr 1.32%.
Nifty Top Losers- Wipro 3.69%, HCL Tech 2.61%, ZEEL 1.70%, IDEA 1.63%, Asian paints 1.52%, Bharti Airtel 1.215, Auro Pharma 0.88%, Axis bank 0.85%, infosys 0.80%.
The S&P BSE Sensex started on a cautious note with small negative bias in the first light of Friday, led by losses in ICICI Bank, HDFC, RIL BSE -1.69 %, Infosys, Axis Bank, and SBI. At 10:50 am, The 30-share index is trading 136.22 points lower or 0.48% at 27993.62. It touched a high of 28163.41 and a low of 27975.18 in morning trade.
The NSE-50 Nifty was trading at 8663.70 down 35.70 points or 0.41% which touched its high of 8709.10 and a low of 8658.40 in the first 30 minutes of trade.
The S&P BSE Midcap Index was up 0.11% and BSE S&P Smallcap Index was trading 0.21% higher. TCS up 0.7%, Dr Reddy’s Laboratories 0.63 % up, ITC 0.61% up, and Lupin 0.48% up were the major Sensex gainers, while HDFC down 1.1% , ICICI Bank 0.90%, ONGC 0.85% down, and Axis Bank 0.82% down were the major Sensex losers.
Shares of NBCC BSE -0.55% dropped over 2% in Thursday’s trade since the government was scheduled to sell 15 % stake in the construction company during the day at a floor price of Rs.246.50 per share. The floor price set by the government was at a discount to Wednesday’s closing price of Rs 253 each.
Up to 9 cr. shares would be sold over two days till Friday, with institutional investors bidding on Thursday and retail investors getting a chance on Friday. 20% of the offer size will be reserved for retail investors depending on receipt of valid bids, the offer for sale notice said. By 9.45 am, the stock had hit a low of Rs. 246.90, i.e. down 2.41% on BSE. The government held 90% stake in the company as of June 30 and is expected to raise about Rs. 2200 cr for the stake sale. The company has a market capitalization of Rs. 15,000 cr.
At time when concerns over weakening health of the global economy are weighing on equity markets worldwide, Money Maker Research is of view that BSE benchmark Sensex to hit the 30000 mark by March 2017.
The closing of Friday was projected 27673 points, which would mean 2623 points,i.e 8.4% jump in 5 ½ months.
The experts are of concern that Reserve Bank of India may go in for another 25 basis points rate cut in December, through which, however, it also expects that the domestic market to witness high volatility over the next two months.
The ICICIdirect’s Derivative Report states that the Nifty failed to keep its force and stayed lackluster throughout the day. After trading in a tight band of only 20 points, the index ended only 15 points higher, while Nifty futures premium settled at 31 points. India volatility index fell 1.4% to 14.3. Foreign Institutional Investors sold Rs. 547 crore while domestic Institutional Investors bought Rs. 469 crore in the cash segment. The latter sold Rs. 152 crore in index futures and Rs. 185 crore in index options and in stock futures Rs 309 crore.
The highest put base has emerged at strike price 8500 with 44 lac shares and the highest call base reached at 9000 with 68 lac shares. As for Bank Nifty Future, for the third day in a row, the index traded below the critical level of 19,500 with a stock specific selling.
The newly-constituted monetary policy committee (MPC) head by RBI Governor urjit patel is unlikely to lower rates at its maiden policy review on Thursday as it awaits more supporting data on inflation, experts said. The Monetary policy review on October 4 will be the first by the Six-member MPC as well as Governor patel, who as the Deputy governor had described the RBI as an OWL when IT comes to inflation management.
Live Market- 11:40 Am, The 30-share BSE Sensex is up 35.22 points or 0.12% at 28278.51 and The 50-share NSE Nifty index is rose 10.10 points or 0.12% at 8748.20.
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